ostumüügilepingu

Ostumüügileping is an Estonian legal term that translates to a sales contract. It is a bilateral agreement between two parties, a seller and a buyer, where the seller agrees to transfer ownership of a movable or immovable property to the buyer, and the buyer agrees to pay a specified price for it. This type of contract is fundamental to commercial transactions and establishes the rights and obligations of both parties involved.

The essential elements of an ostumüügileping include the identification of the parties, a clear description of the property being sold, and the agreed-upon purchase price. The contract may also specify terms related to delivery, payment schedule, warranties, and conditions for termination. For certain types of property, such as real estate, the law may require specific formalities for the contract to be legally valid, such as notarization.

The seller's primary obligation is to transfer ownership of the property and deliver it to the buyer in a condition that conforms to the contract. The buyer's main duty is to pay the purchase price and take possession of the property. If either party fails to fulfill their obligations, the other party has legal recourse, which could include demanding performance, seeking damages, or terminating the contract. The Estonian Law of Obligations Act governs the specifics of sales contracts.